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- Citygroup (Based on Reuters)
Pair's Outlook
As we predicted yesterday, GBP/USD retreated back and is around a 1.6075/85 level, where the 55-day SMA and the monthly PP levels go. Now the situation and a further movement depends on which side of this level the price will settle. Next resistance levels are: the Bollinger band at 1.61450 and the downtrend line with the weekly R1 line at 1.6180. A lower support level is the weekly S1 with the Bollinger line at 1.5951.
Traders' Sentiment
SWFX market players sentiments do not change already for a few days and stay strongly bearish, as 36% have a long position and 64% have a short position. Placed orders market shows equal distribution between orders, 48% pending orders are buy and 52% are sell.
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